After nearly five years of legal battles, Ripple and the U.S. Securities and Exchange Commission (SEC) have made significant progress.
Ripple and SEC Withdraw Appeals
Ripple's CEO Brad Garlinghouse announced that the company plans to drop its cross-appeal, while the SEC is also expected to do the same. In a post on X, he emphasized that they are "closing this chapter once and for all, focusing on what's most important—building the Internet of Value."
Court Ruling and Penalty
The announcement came after U.S. District Judge Analisa Torres denied a joint request from Ripple and the SEC to cut down a $125 million penalty and lift a permanent injunction placed on the company last year. Previously, the SEC sought to reduce the civil penalty for illegal XRP sales from $2 billion to $50 million.
Opportunity for XRP ETFs
XRP was trading at $2.19, with a 5% increase and overall up 358% over the past year. The resolution of the case opens the door for the approval of XRP-based ETFs in the U.S., with several asset managers having already filed applications.
The conclusion of this legal dispute presents new opportunities for Ripple and opens the door for the creation of financial instruments tied to XRP.
